The rating on SP PowerAssets Ltd. (SPPA) reflects the company's monopoly as the sole owner and maintainer of Singapore's electricity transmission and distribution (T&D) assets, and as the sole electricity transmission licensee. It also reflects SPPA's high revenue and cash flow certainty. This is supported by a regulated tariff structure valid for a five-year period to 2013 and a cap on the company's loss of revenues due to lower volumes. SPPA is a wholly owned subsidiary of Singapore Power Ltd. (SingPower; AA-/Stable/--), which is owned by the Singapore government's investment holding company, Temasek Holdings Pte. Ltd. (AAA/Stable/--). We assess the stand-alone credit profile of SPPA to be 'a'. However, the rating on SPPA incorporates a two-notch uplift to reflect our
